It takes lots of time to build credit, especially if your score has been hurt by previous financial missteps. Lucky for you, there are also some tricks you can use to boost your credit score in just a few weeks. Sure, this won’t turn a bad credit score into a perfect one in a matter of days, but if you need to make a quick improvement in your credit score before applying for an apartment rental or a credit card, it might just do the trick.
Check your credit reports for errors to boost your credit score fast
The first step to improving your credit score is to get your credit reports from all three major credit reporting agencies and check them for mistakes and even fraudulent information. You may think that the probability that there’s a mistake in your credit report is quite low but in reality, about 20% of people find mistakes in their credit reports. If you do find an error, simply contact the agency that issued the report and file a dispute. At the same time, get in touch with the company or financial institution that provided the incorrect information to the credit bureau and sort out the issue. After that, the credit bureau should fix the error in 4-6 weeks, but you may need to follow up with them if you don’t hear back within that time period.
Use credit boosting products to quickly improve your credit score
For many years people have criticized the credit score system for not giving an accurate and complete picture of a person’s credit history. Lucky for you, today there are plenty of credit boosting products, which allow you to provide additional information to the credit reporting bureau and increase your credit score quickly. The way credit boosting products work is simple – they allow you to connect your bank accounts to their system, which then provides information about your accounts to credit bureaus. This includes the age of your bank accounts, transaction frequency, account balance and evidence of on-time bill paying. All of this can help raise your credit score fast. For instance, 65% of Experian Boost customers have seen an increase in their credit score as a result of using the product.
Lower your credit utilization to raise your credit score fast
Did you know that credit utilization is one of the main parameters that factor into your credit score? Indeed, credit utilization makes up about 30% of your credit score, while your payment history makes up 35% of the credit score. This means that you can significantly boost your credit score just by making payments on time and lowering your credit utilization – ideally, it should not exceed 30%. This means that if you have three credit cards with $1,000 limits, you should have $1,000 or less in credit card debt.
Luckily, paying off credit card debt is not the only way to lower your credit utilization. For instance, if your spouse or a family member has a credit card with a high limit but a small amount of debt, you can ask to be added as an authorized user of the card, as this will immediately lower your credit utilization.